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NEW YORK (Reuters) – JPMorgan Chase amp; Co said on Tuesday the bank has been questioned by the US Department of Justice over auto lending practices that possibly resulted in discrimination.

The largest US bank said in an annual filing with the US Securities and Exchange Commission that the Justice Department is looking at whether auto loans made by car dealerships to borrowers of different races and ethnicities may have been marked up.

Ally settled an investigation into similar discriminatory lending practices with the Justice Department and the US Consumer Financial Protection Bureau in December 2013 for $98 million. Toyota Motor Credit Corp said in December that it faced an enforcement action from US authorities over whether auto loans it offered through dealerships violated fair lending laws.

The Consumer Financial Protection Bureau has focused significant resources on rooting out discrimination in indirect auto lending, Director Richard Cordray said on Monday, adding that lenders have reimbursed 425,000 consumers who faced discrimination in loans approximately $136 million.

Lenders and car dealers have criticized the methodology the US government has used previously to determine whether they exhibited bias against minority borrowers. In a November study, the American Financial Services Association, an industry group, found that the statistical methods that enforcement officials used to determine whether such borrowers were overcharged had high error rates.

The governments calculations may create the appearance of differential pricing…when none exists, AFSA and four other industry groups wrote in a Feb 18 letter.

The examinations into auto loan bias were unrelated to the Justice Departments investigation into subprime auto lending, an area that federal prosecutors are focusing on more as their probes into mortgage bonds come to a close.

The city in Nigerias far north is a long way from the oilfields of the south but that has not cushioned it from the fall in the countrys main source of income.

I came to buy a dress, says Halima Sani, a civil servant who drops into a boutique late one afternoon.

If you could buy two or three formerly, now you cannot even afford one.
The prices at Alhayat Global Synergy womens fashion house in the Sky Memorial Complex in Kano metropolis have gone up because the Nigerian currency, the naira, has lost 20% of its value in the last three months, as a consequence of the oil crisis.

Ms Sani, wearing a print outfit with matching head wrap, has come to pay the balance on the dress she had previously chosen.
When she first went to the shop, she thought she had enough money, only to find the price had increased.

So I needed to go and come back today with the extra money – about 8,000 naira – its on the high side, she says.

She admits she is a regular at the shop but stops short of calling herself a shopaholic: These days you need to get things for your home before thinking of clothes.

The boutiques owner, Aminu Tanko Kyaure, caters for the citys middle-class fashionistas, importing most of his products from Dubai.
The rolls of material, lace, dresses, jackets, handbags, shoes and jewellery come in containers that take 45 days to arrive from the United Arab Emirates (UAE).

Before the naira fell, Alhamdulillah (praise be to God), we were making very good business, he says.
But now the shipping costs from the UAE to Lagos and then 995km (618 miles) by road to Kano have shot up.
They [the customers] bitterly complain about the prices because last week I bought new products and I had to increase them because I had to include the expenses.

He says he is considering cancelling his forthcoming trip to Dubai because of the currency fluctuations.
Bintu Usman, who owns the Peep and Shop on nearby Maiduguri Road, says she has done just that.
I usually travel to Dubai and India but Im unable to travel because of the high dollar – business is down, she says.
I dont have much stock now as I was unable to travel – for the past three months I have not travelled.
She used to go every six weeks or two months to stock up on clothes, bags and shoes.
Her customers are also unhappy about the escalating prices.

Its really affecting the business because even right now people arent coming for the products.
Something like a bag you were selling at 8,000 naira before is now 12,000 – they cant afford it, she says.
Mr. Kyaure says he could order his goods online, which would cut out some of the cost being passed onto the customer.
However, he says it is not an ideal solution.

At times you need to go and feel and touch what you want – it will enable you to know the quality of products you want to buy, because at times when you buy online, when the goods arrive you are disappointed.
As the heat goes out of the afternoon, the small shop fills up with more women chatting and trying on different glamorous outfits.
Nigerias government receives more than 70 per cent of its revenues from oil exports – and in the last six months prices on global markets have more than halved.

My suggestion to government is that it needs to diversify its source of income and do away with a monoculture economy, says Mr. Kyaure before answering a query about a price.
It affects the entire society because we solely rely on oil and a slight change of oil price on the international market invariably affects society.

Sadiqa Yakub, a microbiology student, agrees as she arrives with a friend to join the browsing customers.
Im finding it very difficult, she says.
For example, yesterday I went to the market to buy a chicken – before, it was about 700 naira and now its 1200 naira.
We havent come here for quite a while, she admits, though she would love to get some new shoes.
Your budget has to be scheduled again. You have to come up with another plan to manage.
On the fashion front, the devaluation of the naira means you sometimes have to make do with second best, she says.
And for the fashionable shoppers of Kano, second best is just not good enough.
bull;Culled from bbc.com

Recently released data from Experian Automotive shows that the total loan balance for new and used automobile loans reached an all-time high of $866 billion in the December ending quarter of 2014.

This news comes on the heels of a huge increase in new vehicle sales, and ongoing trends that favor products with a longer life of loan, thus encouraging consumers to spend for more expensive vehicles. Separate data from auto shopping portal Edmunds shows that new car loans have an average life of 67.2 months, and an average interest rate of 4.5 percent, while the average price of new cars purchased was $32,386 for the previous calendar year. That is several thousand dollars more expensive than the average price of a midsize sedan, typically one of the most popular types of vehicles favored by consumers.

Although, there has been some concern about high-risk consumers unwantedly improving automobile sales as a result of less stringent loan requirements, Experian Automotive said that credit-worthy consumers still took up the same share in the car market in 2014. The fact that a lot of sub-prime and deep sub-prime borrowers took out auto loans in 2014, according to the credit reporting agency, should not be any reason for concern.

Whenever there is an uptick in the number of loans to sub-prime and deep sub-prime customers, there is the potential for a ‘sky is falling’ type of reaction, opined Experian director of automotive finance Melinda Zabritski. The reality is we are looking at a remarkably stable automotive-loan market, in part because consumers are continuing to stay on top of their payments. Zabritski’s words have statistical evidence to back them up. Borrowers in the sub-prime levels (FICO credit score of 501 to 600) and deep sub-prime levels (FICO score below 500) took up 20.3 percent of all auto loan borrowers in the December 2014 quarter, or slightly less than the 20.6 percent share recorded in the December 2013 quarter.

Conversely, super-prime borrowers, or those with FICO scores of 781 to 850, took up 20 percent of all auto loans in quarter four 2014, making this the only credit score-based category to enjoy an uptick in market share. This suggests that the auto loan market still attracts a good percentage of credit-worthy consumers, including those with pristine credit ratings.

Additionally, Experian reported that the percentage of consumers who are delinquent, or 60 days past due or more, on their auto loans continued to decline, with even Washington, DC recording a rather low delinquency rate of 1.47 percent. The nation’s capital was followed by Mississippi (1.27 percent), Louisiana (1.15 percent), Alabama (1.03 percent), and South Carolina (0.99 percent) among the top five states or districts with the highest percentage of delinquent auto loan borrowers.

North Dakota had the lowest rate of delinquency at 0.33 percent, and was followed by Minnesota (0.39 percent), Oregon (0.39 percent), and Washington state (0.40 percent). Alaska and New Hampshire tied for the fifth-lowest delinquency rate in the US, coming in at 0.44 percent.

Lake in the Hills is one of those towns with so-called home-rule powers. The village imposed a local sales tax in 2006. Now, shoppers there are charged three-quarters of a cent on most purchases, and the tax generated almost $1.3 million last year for the village. Raising that rate could be one option if the state cuts back local funding.

If the governor or legislature knocks a million-dollar hole in our budget, it will be up for discussion, said Lake in the Hills Village Administrator Gerald Sagona. But the first thing wed do is look where wed cut and save money.

Lake in the Hills stands to lose about $1.4 million if Rauners plan goes through, which is about 10 percent of the villages general fund revenue, Sagona said. The village would take in about $400,000 for every quarter-cent sales tax increase, which the village board could enact without voter approval. Theres no cap on local sales tax rates for home-rule towns.

Increasing the sales tax rate is a much easier sell than raising property taxes because sales taxes are charged to nonresidents as well, Sagona said. Thats why municipal sales taxes have become increasingly popular and local governments havent been shy about increasing rates.

Money raised by municipal sales taxes has risen 51.8 percent since 2006, while the amount all Illinois towns receive from a separate 1 percent share of the states sales tax has increased just 11.9 percent, according to the revenue department figures.

The extra municipal sales taxes represent 22 percent of the $4.7 billion in total sales taxes paid to counties, all Illinois municipalities, the Regional Transportation Authority and a few other local government entities in 2014.

Many towns have recently raised the local sales tax rate to shore up shortfalls elsewhere. Batavia did just that last year.

The citys sales tax rate doubled to 1 percent, making the citys total sales tax rate 8 percent. The extra money will help cover the citys operating costs and defray some of the cost of our electricity rates, Mayor Jeff Schielke said.

This is what happens when you approve home-rule powers, said Jim Tobin, founder of Taxpayers United of America, a Chicago-based group that fights tax-hike measures throughout the country.

Previously, Batavia had to get voters approval to impose a sales tax. That was in 2006 when the city needed to borrow to pay to rebuild two fire stations. In 2010, Batavias population growth above 25,000 residents allowed home-rule authority. There was no need to ask voters to raise the sales tax in 2014 instead of finding places to cut costs.

Everybody always talks about cutting, but when it comes time to cut, they cant agree where or what to cut, Schielke said. And I dont know that weve got a lot of fat here.

Its become harder to dodge these municipal sales taxes.

From 2006 to 2014, the number of towns charging home-rule sales taxes increased from 134 to 173. But the highest growth came in the form of voter-approved municipal sales taxes, which were charged in 123 towns last year, up from 51 in 2006.

That does drive tax avoidance, especially if you live on a border of one city that has that extra tax and one that doesnt, said Michael Lucci, managing director of jobs and growth at the Illinois Policy Institute, a conservative organization that tracks and analyzes government spending. However, as more communities begin levying these taxes there are just fewer avoidance places, but theres always Wisconsin and Indiana.

It also doesnt take much to approve a municipal sales tax, critics complained.

You can get an extreme minority who will likely benefit from such a sales tax to approve that tax, Lucci said.

That was the case in Gilberts, population 7,100, when 180 voters cast ballots in favor of a half-cent sales tax in 2011. Only 51 ballots were cast against the measure.

Gilberts officials pushed the sales tax in an effort to raise money for a road resurfacing project that cost about $1.9 million, Village Manager Ray Keller said. But the tax wont go away when that debt is paid off.

The reason its set up this way is because that debt will be paid off and we will be ready for our next major resurfacing project in 2021, Keller said.

Auto sales are booming, but is there a dark cloud on the horizon? Some financial analysts think so and its because of the way new car purchases are financed. If true, the US consumer is way over leveraged, with the potential for real trouble if employment growth sputters in 2015.

The optimistic view is broadcast widely in the mainstream media. One example is this report from online car shopping site www.truecar.com , who project that the pace of February auto sales will expand to a seasonally adjusted annualized rate (SAAR) of 16.7 million new units on continued strong consumer demand. According to Truecar, new light vehicle sales, including fleet, should reach 1,295,600 units for the month, up 8.5 percent over a year ago. This same increase is expected on a daily selling rate (DSR) basis with 24 selling days this February versus a year ago. Strong February auto sales signal a very healthy US economy, said Eric Lyman, vice president of industry insights for TrueCar.Given this months robust demand, the industry remains on track to hit TrueCars 17 million-unit projection for the 2015.

Great auto production numbershellip;can they last?

Here are Truecars forecasts for the 10 largest manufacturers by volume for February 2015:

Onlinecarinsuranceinfo.com (http://onlinecarinsuranceinfo.com/) announces a new blog post, “Internet Provides The Best Marketplace for Insurance”

(PRWEB) February 16, 2015

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Onlinecarinsuranceinfo.com is owned by Internet Marketing Company.

For more information, please visit http://onlinecarinsuranceinfo.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/affordableautoinsurance/carinsuranceonlinerates/prweb12519606.htm

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